![]() Gawker has since apologized and retracted that story. ![]() ![]() Gawker is currently facing multiple lawsuits from people who have been the target of the site's salacious reportage. Last year, Gawker landed in hot water for drumming up a sex scandal involving an executive at publisher Condé Nast and the brother of a former member of Barack Obama's cabinet. The damages in the lawsuit cannot be paid through insurance and must be paid via other means, which may have prompted the behind the scenes financial moves. It emerged during the trial that Gawker properties, which include Jezebel, Deadspin, Gizmodo and other digital news sites, took in almost $50 million US in revenue last year. Gawker is currently trying to appeal that ruling. Meet the Silicon Valley billionaire tag-teaming with the Hulkster to bring Gawker to the mat.Hogan contended the 2012 post violated his privacy. Hogan, whose real name is Terry Bollea, was recently awarded $140 million US in damages after Gawker posted a video of him having sex with his former best friend's wife. Earlier this year, Denton sold a minority stake in the company he founded to technology firm Columbus Nova Technology Partners for an undisclosed sum, a transaction that happened while the Hogan trial was underway.Ī need to fight back against Hogan and his then mysterious backers was a major factor in "how the Columbus Nova investment was arranged," Denton said Thursday. Patricof, a media banker with Houlihan Lokey, was recently hired by Gawker founder NIck Denton to advise the company on its finances. "We recently engaged Mark Patricof to advise us and that seems to have stirred up some excitement, when the fact is that nothing is new." Why Hulk Hogan's win against Gawker isn't likely to set a major legal precedent."Everyone take a breath," Gawker said in a statement. "We've had bankers engaged for quite some time given the need for contingency planning around Facebook board member Peter Thiel's revenge campaign." But the company insists that there's nothing to suggest that any sort of sale or deal is imminent. Gawker Media has hired bankers and is reportedly considering selling itself after losing a high-profile defamation lawsuit from wrestler Hulk Hogan and his well-financed legal backers.Ī day after Silicon Valley billionaire Peter Thiel acknowledged he was one of the financial backers of Hogan's lawsuit against the gossip and news website, Gawker management acknowledged Thursday that the company has hired advisers.
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